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In its latest publication, Meticulous Research® reveals that the veterinary immunodiagnostics market is set to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of 9.3% from 2022, reaching an estimated value of $2.71 billion by 2029. This growth is driven by factors such as the rising prevalence of animal diseases, the availability of specialized immunodiagnostic tests, and significant technological advancements in immunodiagnostics. Additionally, the increasing pet population and demand for animal-derived products are further fueling market expansion. Emerging economies globally are expected to offer promising growth opportunities for the market, although the lack of adequate diagnostic infrastructure in developing nations remains a considerable challenge.
The veterinary immunodiagnostics market is comprehensively segmented by Product (Analyzers and Consumables), Animal Type (Companion Animals and Livestock), Technology (ELISA, Radioimmunoassay, Rapid Tests, and Others), End User (Reference Laboratories, Veterinary Hospitals & Clinics, and Point of Care Testing), and Geography. This segmentation allows for a detailed analysis of industry competitors and market dynamics at regional and country levels.
In 2022, the consumables segment is expected to dominate the market due to its high sensitivity, accuracy, rapid diagnosis, cost-effectiveness, and the availability of disease-specific immunoassays.
Technologically, the ELISA segment is projected to hold the largest market share in 2022, driven by the ongoing development of novel biomarkers, cost-effectiveness, and the increasing adoption of automated ELISA platforms.
The livestock segment is anticipated to capture the largest share of the market in 2022, fueled by the growing demand for food production and heightened awareness of animal health.The reference laboratories segment is forecasted to account for the largest share of the market in 2022, owing to the rising outsourcing of diagnostic testing by hospitals and clinics to reference laboratories.
Geographically, North America is expected to lead the veterinary immunodiagnostics market in 2022, followed by Europe and Asia-Pacific. Factors such as increased awareness of animal health, well-established veterinary diagnostics infrastructure, and significant investments in pet health are expected to maintain North America's dominant market position.
Key players in the market include IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Randox Laboratories, Ltd. (U.S.), Neogen Corporation (U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A. (France).
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